IoT Trend Assisting the Machine Health Monitoring Sensors:
The Internet of Things (IoT) is revolutionizing the working process in industrial, commercial, government, and domestic spaces. Considerably with the growing proclivity towards digitization, equipment and machinery require less human intervention. Automation leading the control of the machines in today’s industrial scenario, there is also an equal need for machinery health sensors to boost this progressive prospect. IoT deployment is rapidly gaining huge accomplishments in the APAC region. Significantly, elevating the demand for necessary monitoring technologies thereby uplifting the APAC machinery health sensors market growth. Machine prognostic and early maintenance are likely to manifest considerable benefits to the modern-day industries. This ideal objective is approachable with the involvement of technology to allow prior prediction of system breakdown thereby minimizing resulting economic and life losses in the procedure.
Significantly, the sensors technology accompanied by the IoT wave is largely cutting down critical and complex problems related to several assets management in companies, industries, and other areas. This idea of transformation of regular and manual machinery monitoring is rapidly overtaken by the trend of automated sensor-based machinery health analysis. Besides, with the growth in the IoT revolution across the APAC regions, the predictive maintenance induced by sensors technology is gaining huge demands. Concurrently, Cisco reflects that the machine to machine (M2M) services is projected to increase and reach 5.2 billion connections in APAC by the year 2020. Concurrently, this will generate a huge opportunity for the APAC machinery health sensors market in the forecasted period.
The APAC machinery health monitoring sensors market size reached $117.3 million in the year 2018. This market is influenced by the huge demand from several sectors of business and a healthy prospect of expanding business in several countries across the region. Significantly, the APAC machinery health monitoring sensors is estimated to experience a CAGR of 6.7% during the forecast period of 2019-2025.
China’s Dominance over the APAC Machinery Health Sensors Market:
China has a leading position in the APAC machinery health sensors market. It contributed a healthy regional share of 41% to the niche market facilitated by several growth factors. Thriving to keep in pace with the Industry 4.0 concept, China continues to explore and adopt newer technologies to promote domestic industrial progress. The sensors technology marks an overwhelming prospect of multifarious industries in this region. Concurrently, it has considerably gained a place in machinery risk and failure monitoring processes thereby gaining huge demand from the regional industrial and commercial work sectors.
The IoT market leveraged more than $146 billion in 2017. Consequently, this rapid growth is likely to disrupt the sensor technology demand used in condition monitoring of machinery used in different workspaces. Additionally, a prominent role is played by the expanding automotive industry in this region which has a significant influence over the domestic machinery health sensors market. China automobile sector is projected to gain an output of 30 million units by 2020 and 35 million by 2025. This signifies that huge dependency on the sensors technology to evaluate the machinery health and offer earlier details about future risks and associated issues. As a result, the flourishing automotive industry eventually creates a scope of opportunity for the machinery health market in this region.
APAC’s Stronghold Position in Industrial Expansion:
The growing industrialization in the APAC region marks a huge demand for several technology deployments to expedite the flow of development in this region. Also, the industrial sector contributes extensively in domestic economic stabilization and growth. Resultantly, several companies are adopting advanced methods and approaches to detect the equipment health which are imperative to every industrial output. Industrial machinery are subjected to misalignment, abrasion, corrosion, and others. Apart from other machinery susceptible to the risk factors, the rotating equipment, largely included in multifarious industries, generate huge demand for such health monitoring aids. As a result, several manufacturers depend on sensor-based monitoring technology to eliminate any future damages and losses.
Automotive Industry Utilizing Most of Equipment Monitoring Technology- The automotive sector constantly adopts newer designs and innovations in the production procedure to generate customer-oriented products. This requires close supervision and analysis to predict the requirement for future maintenance and breakdown to avoid huge losses. Concurrently, as the automotive sector grows in the APAC region, there is a huge necessity for prediction maintenance which subsequently influences the machinery health monitoring market demand. Nearly 30.92 million vehicles were manufactured in India during FY 2019.
Growing Oil and Gas Industrial Footprint- Complexity and disaster being constant in the oil and gas sector, there is huge reliability on advanced monitoring and safety attributes in this field of work. Minor machinery breakdown can arise the risk of severe financial consequences and environmental risks. Keeping an eye on the possibility of disasters that can be reduced with advance loss management, the oil and gas industry is largely dependent on machinery monitoring sensors. With the rise in automobile sales in APAC in recent years, there is a huge demand for the oil and gas industry in this region.
APAC produces nearly 7.9 million barrels per day. China is the leading contributor with 49% share of the total regional output, followed by Indonesia with 12%, India with 11%, and Malaysia with a 9% share. With this huge production statistic, there is a huge necessity for effective safety measurements through condition monitoring of machinery utilized in this sector. Furthermore, gas production is equally rising constantly to meet the hike in demand.
Apart from these industries, the mining and metal industry, pulp and paper industry, chemical industry, food and beverage industry, power generation industry, and life science industry also impact hugely to the APAC machinery health sensors market growth. Resultantly, impelled by APAC’s expanding industrial footprint, the domestic machinery health sensors market will experience healthy economic output in the forecasted years. Additionally, the application of machinery health sensors in maintaining even work progress in the industries is estimated to grow at 7.7% CAGR through to 2025.
Pioneering Companies and Their Contribution:
The leading players in the APAC machinery health sensors market include Kistler Group, National Instrument, PCB Piezotronics, Inc, Honeywell International Inc., Keyence Corporation, Hoskin Scientific, TE Connectivity Corporation, Tekscan, Inc., Spectris PLC, Rohde&Schwarz, Hydrotechnik UK Ltd, Futek Advanced Sensor Technology, Inc, and others. These market pioneers continue to innovate newer products through their R&D activities and contribute colossally to the APAC machinery health sensors market share.
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